Lawyer to file complaint against Belgian speculation tax
Belgian daily business newspaper L’Echo has reported lawyer Anton van Zantbeek will file a complaint to Belgium’s constitutional court for the annulment of the law over Belgian speculation tax, implemented at the start of 2016.
The tax is applied to both resident and non-resident taxpayers on the capital gains they have realised on quoted shares, options and warrants or other financial instruments which have been acquired for consideration less than six months before the alienation for consideration.
Since 1 January 2017, Belgian investors who speculate on securities through a foreign broker have been added into the scope of the law.
van Zantbeek termed the extension of the speculation tax to Belgian investors’ foreign accounts as unconstitutional and contrary to the laws ruling free movement of capital and freedom to provide services in the European Union.
L’Echo recalled the tax that applies for quoted shares amounts to 0.27% of the transaction amount, both for purchase and sales acts. The Belgian government expects additional revenues of some €46m through its speculation tax.